DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is pleased to announce that it has embarked on a strategic initiative to explore the minting of Renewable Energy Certificates (“RECs“) into NFTs via its proprietary MintCarbon.io platform. RECs, also known as green tags or tradable renewable certificates, are non-tangible energy commodities that represent proof that one megawatt hour (“MWh“) of electricity was generated from an eligible renewable energy source. The global REC market was valued at US$12.7 billion in 2021 and is projected to reach US$100 billion by 2030.1 By comparison, the voluntary carbon credit market surpassed $1 billion in market value in November 2021.2
The increase in demand for electricity around the world and company policies to reach certain renewable energy consumption targets, combined with the increase in renewable energy market share, are driving growth in the REC market. Until recently, the market’s growth has been restrained by opaque regulations, general inaccessibility and the lack of awareness by developing countries that could benefit from a transparent and accessible platform like the MintCarbon.io platform. MintCarbon.io is expected to play an important role in assisting projects by providing an additional avenue of monetization, while better articulating a project’s story and enabling new forms of engagement.
Management Commentary
“RECs represent a significant market segment for DeepMarkit. Based on input from our corporate development team, the MintCarbon.io platform’s ability to seamlessly integrate RECs, combined with positive feedback received from renewable energy sector participants, make our decision to explore entering into this market an easy one, while remaining fully committed to our current carbon credit minting model,” said Ranjeet Sundher, Interim CEO of DeepMarkit.
